Higher soybean supply at ports pushes Brazilian prices lower

Brazilian soybean prices began August the same way they ended July: under pressure.

The Cepea/Esalq soybean indicator for the Port of Paranaguá, in Paraná state, recorded its fourth consecutive decline on Monday, August 3, falling 0.60% to R$144.04 per 60-kilogram bag.

In a statement, Cepea said fewer available shipping slots at Brazil’s main ports for August loadings increased supply in the domestic spot market and weighed on prices.

The research center also said many buyers had brought purchases forward in previous weeks and remained away from negotiations involving larger volumes.

Improved prospects for the U.S. crop, supported by more favorable weather, and weaker oil prices added further downward pressure.

Prices were mixed in other markets monitored by AgRural. In Ponta Grossa, Paraná, soybean prices were unchanged from Friday, July 31, at R$138 per bag.

In Primavera do Leste, Mato Grosso, prices rose R$1 to R$125 per bag. In Luís Eduardo Magalhães, Bahia, soybeans fell R$0.50 to R$127.

On the Chicago Board of Trade, soybean futures closed higher. November contracts rose 0.40% to $11.9225 per bushel.

Source: Globo Rural

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